Debt — Debt at each of the balance sheet periods consisted of:



	June 30, 2018				June 30, 2017				December 31, 2017
(millions)	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
3.75% Senior Notes due 2021	$	498.9	$	506.4	$	498.6	$	528.0	$	498.8	$	520.7
2.45% Senior Notes due 2027	496.3		451.3		496.0		474.2		496.1		477.9
6 5/8% Senior Notes due 2029	296.2		364.4		296.0		389.0		296.1		382.3
6.25% Senior Notes due 2032	395.4		492.5		395.2		522.7		395.3		516.9
4.35% Senior Notes due 2044	346.6		356.7		346.5		376.5		346.5		388.7
3.70% Senior Notes due 2045	395.3		363.9		395.2		389.7		395.2		402.9
4.125% Senior Notes due 2047	841.3		831.5		841.1		884.3		841.2		917.1
4.20% Senior Notes due 2048	589.5		592.3		0		0		0		0
Other debt instruments	0		0		114.8		114.8		37.1		37.1
Total	$	3,859.5	$	3,959.0	$	3,383.4	$	3,679.2	$	3,306.3	$	3,643.6

During the first quarter 2018, ARX repaid its term loans, in their entirety, in the aggregate principal amount of $37.1 million and, during the third quarter 2017, redeemed its junior subordinated notes and senior notes, in their entirety, in the aggregate principal amount of $65.2 million. Both the repayment and the redemptions were funded in part with proceeds from fixed-rate loans made by The Progressive Corporation. These intercompany transactions were eliminated in consolidation.

The Progressive Corporation Debt

The Progressive Corporation issued $600 million of 4.20% Senior Notes due 2048 (the “4.20% Senior Notes”) in March 2018, and $850 million of 4.125% Senior Notes due 2047 (the “4.125% Senior Notes”) in April 2017, in underwritten public offerings. The net proceeds from these issuances, after deducting underwriters’ discounts, commissions, and other issuance costs, were approximately $589.5 million and $841.1 million, respectively. In addition, upon issuance of the 4.125% Senior Notes, we closed a forecasted debt issuance hedge, which was entered into to hedge against a possible rise in interest rates, and recognized an $8.0 million pretax unrealized loss as part of accumulated other comprehensive income (loss), which is being amortized as an adjustment to interest expense over the life of the 4.125% Senior Notes. Consistent with the other senior notes issued by Progressive, interest on the 4.20% Senior Notes and 4.125% Senior Notes is payable semiannually and both are redeemable, in whole or in part, at any time.

The Progressive Corporation Line of Credit

During the second quarter 2018, The Progressive Corporation entered into a new line of credit with PNC Bank, National Association (PNC) in the maximum principal amount of $250 million. The prior line of credit, entered into in April 2017, had expired. The line of credit is on the same terms and conditions as the previous line of credit. Subject to the terms and conditions of the line of credit documents, advances under the line of credit (if any) will bear interest at a variable rate equal to the higher of PNC’s Prime Rate or the sum of the Federal Funds Open Rate plus 50 basis points. Each advance must be repaid on the 30th day after the advance or, if earlier, on April 30, 2019, the expiration date of the line of credit. Prepayments are permitted without penalty. The line of credit is uncommitted and, as such, all advances are subject to PNC’s discretion. We had no borrowings under either line of credit during the first six months of 2018 or throughout 2017.